The Emerging World Fund

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City of London offers several investment solutions for UK Intermediaries and IFAs, ranging from an Institutional share class of our Dublin-domiciled Emerging World Fund to the ability to manage separate accounts for mandates of significant size.

Fund Strategy

The Emerging Market Closed-End Fund Strategy seeks to provide long-term capital growth via stock selection and active country allocation. We believe that closed-end funds offer an efficient way to invest in emerging markets. Our “alpha” is generated by capitalizing on discount changes and pricing anomalies that arise in closed-end funds. We specialize in identifying and capitalizing on discount movements and pricing anomalies to provide above average, long-term outperformance versus the appropriate benchmark while maintaining a lower level of volatility than the benchmark.

Global EM Composite Performance Ending 31-Dec-23*

Returns are shown net of fees. Past performance is no guarantee of future results. Periods over one year are annualized.

*Composite Description: The Global Emerging Markets Composite is an international equity composite focused on emerging countries, managed by City of London Investment Management. The strategy strives to outperform the S&P Emerging Frontier Super Composite Net Total Return Broad Market Index (S&P Super BMI) with controlled risk. It utilizes fundamental investment principles and quantitative approaches to provide broad emerging market equity exposure. It uses both top-down and bottom-up valuation methodologies to value asset classes, countries and closed-end funds to determine under or over valued opportunities. The strategy has a strong value bias relative to other emerging market strategies. The composite is managed to the S&P Emerging Frontier Super Composite Net Total Return Broad Market Index. The benchmark was changed from the S&P Emerging BMI Plus on January 1, 2009 to better reflect the investment strategy of the Composite. The S&P Emerging BMI Plus was the successor index to the S&P/IFC Global Composite Index, the benchmark for the Composite prior to September 1, 2008, which has been discontinued. Benchmark changes have not been applied retroactively and therefore historical benchmark performance is a blend of the BMI and IFC indices. As of June 2013, City of London switched to the net total return series of the S&P Emerging Frontier Super Composite BMI (from the gross total return series). Net total return indices reinvest dividends after the deduction of withholding taxes and provide a better comparison with the performance of the Funds in the Composite.

**Index Description: The Benchmark Index encompasses both the S&P Emerging Plus BMI and the S&P Frontier BMI. The S&P Emerging Plus BMI is a sub-set of the S&P Global BMI, containing stocks domiciled in emerging markets plus South Korea, with float-adjusted market values of USD 100 million or more. The S&P Frontier BMI contains stocks from small and illiquid markets that have not yet reached emerging market status. The S&P Emerging Plus BMI and the S&P Frontier BMI include 24 and 32 markets, respectively, for a total of 56 markets represented in the Benchmark Index as at 31 December 2023. The MSCI Emerging Markets Net Total Return Index (MSCI EM Index) is shown for comparative purposes, and contains large and mid-cap stocks across emerging markets countries. As of 31 December 2023, the MSCI EM Index included 24 countries.

Source: City of London Investment Management

Fund Name:

The World Markets Umbrella Fund PLC – The Emerging World Fund (Institutional share class)

Launch Date:

15 September 1998

Benchmark:

S&P Emerging Frontier Super Composite BMI*

Investment Area:

Global Emerging Markets

Fund Type:

UCITS certified open-end fund

Fund Domicile:

Republic of Ireland

Minimum Initial Investment:

Institutional Investors: US$10,000, Stg£7,500, €10,000

Minimum Additional Investment:

US$750, Stg£500, €750

Dealing & Valuation:

A trade must be received by 2:30 pm Irish time one day in advance of the trade date. Valuation daily at 4 pm E.S.T. (except bank holidays)

Ongoing Charges:

1.31% (Institutional share class) including 0.95% Annual Management Charge

Dividends:

Dividends, if any, will be reinvested into the fund

Depositary:

BNY Mellon Trust Company (Ireland) Limited

Price Information:

ISIN/SEDOL: Institutional Class IE0002930596 / 0293059 IE

Bloomberg Ticker: Institutional Class WOREMUI ID

*The benchmark was changed from the S&P Emerging BMI Plus on January 1, 2009 to better reflect the investment strategy of the Fund. The S&P Emerging BMI Plus was the successor index to the S&P/IFC Global Composite Index, the benchmark for the Fund prior to September 1, 2008, which has been discontinued.

Definition of the Firm

City of London Investment Management Company Limited (CLIM) is authorised and regulated for the conduct of investment business within the UK by the Financial Conduct Authority (FCA) and registered as an Investment Advisor with the United States Securities and Exchange Commission (SEC).

CLIM claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

To receive a complete list and description of CLIM composites and/or a presentation that adheres to the GIPS standards contact client servicing.